Page 420 - MOE ENGLISH PR REPORT - FEBRUARY 2024

said,“The UAE-Kenya Comprehensive Economic Partnership Agreement
marks a significant milestone in our CEPA program. It is a testament to our

commitment to strengthening economic ties with the African continent and to
creating new opportunities for businesses and investors in both of our
countries.

The UAE-Kenya CEPA will not only boost trade and investment, but also

foster innovation and sustainable growth in key sectors such as agriculture,
technology and tourism. We look forward to deepening our relationship with
Kenya and to further expanding our presence in Africa as a trusted partner
and investor.”

Rebecca Miano, Kenya’s Cabinet Secretary for Investments, Trade and
Industry, said, “The Kenyan leadership has identified trade as a key lever of
economic growth and transformation. We are on a national development path
that is seeking to increase industrial output, enhance the quality and global

competitiveness of that output, and to expand the opportunities for its export.

The Comprehensive Economic Partnership Agreement with the UAE will play

a key role in these efforts, enabling our exports to reach important markets in
Asia and the Middle East, and also in stimulating the investment inflows that
will further develop our national capabilities. We look forward to its
implementation and the mutual benefits it will deliver.”

Kenya's economy, one of the most promising in Africa, experienced real GDP
growth accelerating from 4.8% in 2022 to an estimated 5% in 2023, while it is
projected that real GDP will grow between 4.5% and 5.2% in 2024.

Among others, its services sector, which accounts for 53.6 percent of Kenya’s
GDP, and agriculture sector, comprising around a quarter of national GDP,
offer vast potential for UAE businesses looking to expand into the region.

Foreign trade remains the cornerstone of the UAE’s economic agenda. In

2023, the UAE’s non-oil trade in goods reached an all-time high of $710
billion, a 12.6% increase on 2022 – and 34.7% more than 2021.

https://en.aletihad.ae/news/business/4465822/uae--kenya-finalise-terms-of-comprehensive-economic-
partners